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The latest announcement is out from Pilot Energy Limited ( (AU:PGY) ).
Pilot Energy Limited has received a Petroleum Resource Rent Tax refund of approximately A$3.9 million through its joint venture with Triangle Energy Operations Pty. Ltd. This refund is related to abandonment, decommissioning, and rehabilitation expenditures following the cessation of oil production at the Cliff Head Oil Field. The company expects additional refunds of up to A$600,000, which will also be paid entirely to Pilot Energy. The refunds are part of ongoing efforts to transition the Cliff Head Oil Field to a carbon capture and storage project, potentially enhancing Pilot Energy’s financial stability and operational capabilities in the clean energy sector.
More about Pilot Energy Limited
Pilot Energy Limited is a junior oil and gas exploration and production company that is transitioning towards carbon management projects and the production of hydrogen and clean ammonia for export to emerging APAC Clean Energy markets. The company plans to leverage its existing oil and gas operations to support these developments, including the proposed conversion of the Cliff Head Oil field into Australia’s first offshore CO2 Storage Project as part of the Mid West Clean Energy Project.
Average Trading Volume: 5,151,792
Technical Sentiment Signal: Sell
Current Market Cap: A$21.59M
For an in-depth examination of PGY stock, go to TipRanks’ Overview page.